With a snip of a green ribbon, the board of commissioners celebrated the grand opening of Victory Commons, a $30- million, 81-unit affordable-housing complex in the heart of the township on Haddonfield Berlin Road.
Units will be income-restricted to households earning 60% or less of the Area Median Income, and feature one-, two-, and three-bedroom floor plans, ample parking, a clubhouse and other amenities.
According to Zillow, the U.S. housing deficit grew to 4.7 million last year, furthering the nation’s affordability crisis. The statistic underscores the value of investing in affordable housing throughout Camden County.
“Increasing access to safe, high-quality affordable housing remains a paramount priority for the board of commissioners,” Commissioner Director Louis Cappelli Jr. said. “Developments like Victory Commons are critical to ensuring that more of our residents throughout the county have a place they can call home.
“We are proud to partner with the Michaels Organization in the development of Victory Commons, and I look forward to seeing this community grow and thrive.”
Nicholas Cangelosi, regional vice president of the organization, underscored the value of public-private partnerships in the company’s mission to deliver high-quality, affordable family housing.
“The grand opening of Victory Commons marks a significant milestone in our mission to deliver high-quality, affordable family housing to high-opportunity communities like Voorhees Township,” Cangelosi noted.
A recent executive order signed by Gov. Mikie Sherrill directs state agencies to submit proposals for increasing housing affordability throughout the state. County investments in affordable-housing complexes like Victory Commons are needed to address local housing need.
Financing for the $30-million Victory Commons includes $9.2 million in private equity raised through the sale of federal Low-Income Housing Tax Credits allocated by the New Jersey Housing Finance Agency (NJHFA). NJHFA also provided a $5-million permanent mortgage, as well as $10 million in Housing Production Loan funds and $750,000 through the NJHFA Special Needs Housing Trust Fund.
The development also benefited from a $1.8 million HOME Investment Partnership Loan provided by the county.
Assembly Majority Leader Lou Greenwald emphasized the importance of the project as the housing affordability crisis impact families in New Jersey.
“Too many New Jersey families are being priced out of the communities where they want to live,” he explained. “Projects like Victory Commons don’t happen by accident; they’re the result of strong public investment, real partnership across all levels of government and a local commitment to planning for and delivering housing that meets the needs of the community.
“This is how we expand opportunity, by creating housing people can afford, closer to where they work, in communities that are positioned to grow and succeed.”
Bill Duffy, senior loan officer at TD Bank, commended the project and noted the positive generational impact Victory Commons will have on Voorhees.
“Victory Commons represents a significant step in meeting the critical need for affordable housing in South Jersey,” he said. “We are proud to once again partner with The Michaels Organization on this impactful project.
“Developments like Victory Commons are critical to ensuring that more of our residents throughout the county have a place they can call home,” Commissioner Director Louis Cappelli Jr. said of the complex on Haddonfield Berlin Road.
